Dogecoin Soars 8%, Bitcoin Strives for $68K (Market Watch)

Bitcoin made an attempt to break the $68,000 mark with a brief surge above it but has not succeeded so far and remains just below this threshold.

Nonetheless, its market dominance continues to grow as most altcoins have recorded slight losses over the previous day.

BTC Targets $68K

After recovering from last Thursday’s dip below $59,000, the leading cryptocurrency aggressively climbed and gained four thousand dollars by the weekend. The bulls seized control at the beginning of the current business week, resulting in a spike to $68,000 on Tuesday before a significant sell-off drove BTC down by more than three thousand.

However, this decline was temporary, and Bitcoin quickly began to regain momentum. This led to touching the $68,000 mark multiple times since then, representing the highest valuation the asset has experienced since late July.

This rebound coincides with a remarkable resurgence in spot Bitcoin ETFs, which have witnessed over a billion dollars in net inflows in recent days.

Despite a slight pullback since the local peak observed earlier today, BTC remains near the $68,000 level. Its market capitalization exceeds $1.340 trillion, with its dominance over altcoins exceeding 55% according to CoinGecko.

DOGE on the Move

Following a period of silence, Elon Musk publicly advocated for Dogecoin once again yesterday, resulting in immediate gains for the top meme coin. Indeed, DOGE stands out among the few altcoins experiencing significant increases today, having surged more than 8%. Earlier today, it achieved a new multi-month high.

POPCAT is another top 100 altcoin experiencing a substantial rise of 11%. INJ (6.5%), MEW (6%), and FTN (6%) also posted solid gains.

Conversely, Binance Coin, Tron, Solana, Toncoin, Cardano, and Avalanche have seen slight declines. NEAR, SUI, and KAS have fallen by as much as 4%.

The total cryptocurrency market capitalization has seen a minor daily increase, now sitting at $2.436 trillion according to CoinGecko.